Continental Mariner Investment Co (CMIC) has formally clinched a deal with the Water Authority of Fuyang, Zhejiang, to set up a US$17.5 million co-operative joint venture to provide water supplies to the city for 20 years. CMIC, controlled by the People's Liberation Army through its investment arm, China Poly Group, will have a 46 per cent stake in the venture, and the water authority will hold 54 per cent. The venture has $8 million in registered share capital. CMIC will make its investment in cash.